"Significant adverse effects" on the ability of United States-based enterprises to compete with foreign-based enterprises.

Authorizes the president to issue an executive order exempting a major rule from the provisions requiring congressional approval for a period of 90 days if the president determines the rule is necessary for at least one of the following (Sec. 3):

Because of an "imminent threat" to health or safety;

"National security";

Enforcing criminal laws; or

Implementing an international trade agreement.

Specifies that the provisions requiring congressional approval of proposed rules do not apply to monetary policy and rules proposed or implemented by the Federal Reserve or the Federal Open Market Committee (Sec. 3).